U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.
U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.
U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.
U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.
U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.
U.S. Department of Housing & Urban Development Finding 2022-001 - Reserve for Replacements, Federal Asset Listing Number 14.181 Finding Resolution Status - Unresolved Information on Universe Population Size - N/A Sample Size Information - N/A Identification of Repeat Finding and Finding Reference Number - This finding is a repeat of previous year findings 2021-001 and 2020-001. Criteria - HUD required monthly deposits to be made to the replacement reserve account on a timely basis. Statement of Condition - The replacement reserve account is underfunded in the amount of $7,845 for the year ended June 30, 2022, which consists of $1,961 from the year ended June 30 2020, $2,942 from the year ended June 30, 2021, and $2,942 from the year ended June 30, 2022. Cause - The Organization is experiencing cash flow shortages due to high vacancies. The management company is working to reduce vacancies to allow for a more stable cash flow to enable the Organization to make the required monthly deposits on a timely basis. Effect or Potential Effect - The Organization's replacement reserve account is underfunded $4,903 at year end. Auditor Non-Compliance Code - N - Reserve for Replacement Deposits Questioned Costs - Zero Reporting Views of Responsible Officials - The Organization agrees with the finding and is working to make the required deposits as funds become available. Context - The Organization did no have sufficient operating cash to make the required deposits. Recommendation - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account. Auditor's Summary of the Auditee's Comments on the Finding and Recommendations - The Organization agrees with the finding and is working to make the required deposits as funds become available. Response Indicator - Agree Completion Date - June 30, 2023 Response - The Organization should deposit amounts into the replacement reserve account as soon as possible to properly fund the account.